Pause above the key 155.02 target (low 155.22) has seen a pause and talk that the low isa in unless the BoJ goes on a massive attack. AT shows the level that would need to be broken to confirm the low is in ius stilkl a distant 160.53. The farther USDJPY moves from 155, the louder talk will be that a low is in.
In any case, the rebound, although a sharp one, is still well within the scope of a retracement with FIBO levels for 163.98-155.22 at: :
158.57 = 38.2%
159.50 = 50%
160.53 = 61.8%
One level to watch is 157.95, the high today and also the 200 day mva.
Just in case, should USDJPY trade above 158, traders will go on intervention alert, especially if the move is able to extend towards 160.
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